In January as opposed to last December, the average price per square metre of prefabricated apartments increased 1% and was fixed at 606 euro. The average price per square metre of prefabricated apartments is 3.6% higher in comparison with January 2013.

“Growth of the average apartment prices was due to the high buying activity untypical for the very beginning of a year, as well as a limited supply of apartments that would suit buyers’ wishes. Unlike before, prefabricated apartments in good condition enter the market less therefore buyers consider options of those dwellings which did not attract much attention earlier due to their high price, location, floor or other criteria. Buyers more often show interest also in prefabricated apartments requiring redecoration,” explains Mrs.Vija Gailite, Head of Latio Residential Property Brokerage Department.

Supply of apartments possessed by banks does not expand, and a part of apartment owners prefer exposing them on the market for rent rather than for sale.

In January, prices of prefabricated apartments in good technical condition in parts of Riga like Purvciems, Plavnieki, Zolitude, Imanta, and Ziepniekkalns were as follows: EUR 23,000–30,000 for one–room apartments, EUR 32,000–41,000 for two–room apartments, EUR 37,000–48,000 for three–room apartments, EUR 43,000–52,000 for four–room apartments.

In selection of an apartment, a great attention is paid to dwelling maintenance cost rates, technical condition of the building, improvement measures done and intended in the building;an important factor is the maintenance costs and quality, and whether the land plot is owned by the apartment owners or it is rented.